Midas Funds

Fund Strategies and Market Commentaries
As of January 12, 2015

Midas Magic seeks its investment objective of capital appreciation by focusing primarily on large companies, with a broad orientation towards conservatively priced value stocks and aggressively priced growth issues.  The Fund seeks portfolio companies with global operations and superior returns on equity and assets.    The Fund’s portfolio has an overall orientation towards large growth companies, with a heavy weighting towards financial services, and less to consumer cyclical companies.  MasterCard Incorporated, Alphabet Inc. (formerly Google), and Berkshire Hathaway, Inc. together comprise over 30% of the Fund’s net assets. The Fund is currently in a fully invested, moderately aggressive posture.

Midas Fund's strategy is to seek investments in higher quality senior and intermediate producers of precious metals and other natural resources with a growth component.  The gold price fluctuated between $1,050 and $1,300 per ounce during 2015, and the Fund’s portfolio fluctuated dramatically as a result.  The Fund’s recent investments include Minerals Technologies Inc., a resource and technology based organization that develops and produces minerals, mineral-based and synthetic mineral products.

Midas Perpetual Portfolio uses a core “asset allocation” strategy to seek its investment objective to preserve and increase the purchasing power value of its shares over the long term.  The Fund’s asset allocations and target percentage ranges are gold (10-30%); silver (0-20%); Swiss franc assets (10-30%); hard asset securities (15-35%); and large capitalization growth stocks (15-35%). In the recent period, the Fund has benefited moderately from its Syngenta AG ADR position, although performance was hindered by its allocations to gold and silver. The Fund’s holdings of large capitalization growth stocks include a variety of industries, including pharmaceutical preparations company, Merck & Co., Inc., and cable and television services company, Twenty-First Century Fox, Inc.